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Authors:
Ostermair, Christoph 
Document type:
Sonstiges / Other Publication 
Title:
Implications of salience theory: Does the independence axiom always hold under uncertainty? 
Series title:
Volkswirtschaftliche Diskussionsbeiträge 
Series volume:
30,2 
Place of publication:
Neubiberg 
Publishing institution:
Universität der Bundeswehr München, Fachgruppe für Volkswirtschaftslehre 
Year:
2018 
Pages (Book):
Language:
Englisch 
Keywords:
Models of decision-making under risk and uncertainty ; Allais paradox ; Independence axiom ; Salience theory 
Abstract:
So far, " salience theory of choice under risk" has been mainly applied to situations of risk rather than to those of uncertainty. In this paper, we show that salience theory provides the prediction that Allais paradoxes should never occur in the context of uncertainty. A finding which contra-dicts the scarce evidence existing up to now, and which indicates that further research on the topic is necessary. 
Department:
Fakultät für Wirtschafts- und Organisationswissenschaften 
Institute:
WOW 5 - Institut für Ökonomie und Recht der globalen Wirtschaft 
Open Access yes or no?:
Ja / Yes